Clean Electric, a startup specializing in energy storage solutions, has successfully raised $6 million in its latest funding round. This round was co-led by prominent investors InfoEdge Ventures, Pi Ventures, and Kalaari Capital, with additional participation from Lok Capital and other notable investors.
The newly acquired funds will be utilized to support several key initiatives designed to enhance the company’s growth and innovation. These initiatives include:
- Expanding Research and Development: Investing in technological advancements and product innovation to stay ahead in the rapidly evolving energy storage market.
- Growing Sales and Operations Teams: Increasing market reach, improving customer service, and streamlining business operations to better serve customers and boost efficiency.
- Developing New Products: Diversifying the company’s offerings to meet changing customer needs and maintain a competitive edge in the market.
“Our innovations are focused on advancing battery technology to overcome key challenges in the adoption of electric vehicles,” said Akash Gupta, co-founder and CEO of Clean Electric to ET. “Our aim is to transition from single-digit EV penetration to achieving a majority of vehicle sales being electric, rather than petrol or diesel.”
Company Background:
Founded in 2016 by IIT BHU graduates Akash Gupta, Ankit Joshi, and Abhinav Roy, Clean Electric specializes in liquid-cooled battery solutions for electric vehicles.
The company is currently collaborating with 12 electric vehicle OEMs, leading the development of advanced battery technology for the future of transportation.
Funding History:
To date, Clean Electric has raised approximately $9 million, reflecting strong investor confidence in its innovative approach to electric vehicle battery technology.
This latest funding round follows a seed funding round of $2.2 million in 2022, which was instrumental in supporting the company’s early-stage research and development efforts.
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Future Goals:
Clean Electric has ambitious plans to expand its battery technology beyond electric two-wheelers to encompass electric four-wheelers and commercial vehicles. The company aims to achieve an impressive annual run rate of $10 million by next September, driven by the increasing demand for sustainable transportation solutions.
Key stakeholders in Clean Electric, including Kalaari Capital, Info Edge Ventures, and Pi Ventures, continue to provide essential financial support and industry expertise to drive the company’s growth and success.
